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so i have a question. My friends dad passed away and left her as the executor of the estate, the house is in his name and has a mortgage on it that she has been paying, she wants to refi and put the house in her name,can she just refinance with anyone and then title will be transferred or does she have to transfer the deed through the county first? this is in NJ in case thats needed.
The Estate (If the bank would even do it) would need to do the ReFi, But would only last until the probate is complete, at that point the title would need to be transferred, and a new mortgage done in her name.
The Estate (If the bank would even do it) would need to do the ReFi, But would only last until the probate is complete, at that point the title would need to be transferred, and a new mortgage done in her name.
The Estate (If the bank would even do it) would need to do the ReFi, But would only last until the probate is complete, at that point the title would need to be transferred, and a new mortgage done in her name.
So lots of fees with no real benefit.
it did go through probate already and she is the executor. so really the only benefit would be for her if she wanted to sell in the future..
it did go through probate already and she is the executor. so really the only benefit would be for her if she wanted to sell in the future..
She's only an executor until probate ends and the estate is settled. The house would have been an estate asset and should have been re-named as such as part of probate. The expenses she (as executor) incurred during probate such as mortgage, utilities, property tax, can be reimbursed by the estate upon settlement assuming there was enough in it, and claimed as personal income tax deductions. Does she plan on living in the house or selling it? Was she the sole heir?
Last edited by Parnassia; 08-07-2018 at 03:18 PM..
I expect a lender would require that she put the house in her name first, or simultaneously, because any mortgage will be a lien on the house and the owner will have to agree. It won't be the first time most lenders have had to deal with this issue. There may also be language in the father's mortgage allowing the lender to call the mortgage due upon the borrower's (father's) death. That seldom happens, but it could still be there.
If she is executor, she must dispose of the estate. If she will inherit the house, transferring ownership is simple and cheap. If she has opened an estate with the probate court and does not transfer title to the house, she may not be able to close the estate until she transfers ownership. She may also not be able to use the mortgage interest and property taxes as a tax deduction until ownership is transferred to her name.
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